You’re considering relocating to Thailand, or at least somewhere overseas, and you’re not only thinking about the upsides, such as the cost of living, but you’re understandably balancing that against the risks to the money you’ve accumulated, including the cost of and access to healthcare.
While nowhere is risk-free, Thailand has a well-developed infrastructure similar to what you’ve grown accustomed to in your home country.
In this video, I’ll talk about the four factors to consider as you think about settling in here. There are four areas I hear about from prospective clients: crime, healthcare, banking, and estate planning.
So let’s jump in.
First, Thailand — and major cities such as Bangkok — is ranked safer than many cities in the West. This is especially true when it comes to violent crime.
Anecdotally, almost everyone strolling the streets of Bangkok has their cell phones out. While folks engrossed in their phones often slow down us quick walkers on the sidewalk, no one seems the least bit concerned about having their phones snatched.
I’ve been in other cities around the world where this is a real issue.
The most common risks are petty theft, such as pickpocketing, currency schemes, or other “too good to be true” scams. A bit of common sense and situational awareness will, of course, reduce the risk.
Also, exhibiting patience, keeping your anger in check, and certainly not picking fights will help you avoid problems with locals, fellow expats, and the police.
At bottom, you’ll feel comfortable exploring most neighborhoods in the major cities here without worry.
Second, the old saying that “the biggest risk to wealth is health” is especially true for those of us over 50.
By relocating to Thailand, you’ll be giving up access to public health options such as Medicare or the NHS. However, the good news is that Thailand remains a leading medical tourism destination.
That’s because there are several private hospital systems that offer lower-cost, high-quality care.
As a patient, my experience is that waiting times to see a specialist are incredibly short, and the culture of care here permeates the entire experience — from check-in, to the nursing staff, to interactions with physicians.
There are also health insurance options similar to private insurance that you can purchase in the West. This includes higher or lower deductibles, coverage amounts, and coverage options.
We did a deep dive into your insurance options in a prior video, and there’s a link to that below.
One note of caution is that the older you get, the less available and more costly health insurance becomes here. So it’s a best practice to lock in coverage sooner rather than later.
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So you’re feeling safe and well cared for — but what about transferring money to your Thai bank account? How secure are those funds?
I think you’ll find that the commercial banks in Thailand are sophisticated and well-regulated by the Bank of Thailand.
I’m not aware of any history of major bank defaults, and deposits are insured up to 1 million baht, or about $32,000.
Currently, the Bank of Thailand is engaged in stricter regulatory oversight, which means opening an account has become more challenging.
Below is a link to a video we posted on how to avoid hassles while opening a bank account here.
It’s also more difficult to obtain a credit card than in the U.S., and the account you open will generally not be interest-bearing.
On the plus side, mobile banking and scan-to-pay through your phone are incredibly easy and widely available — even at many outdoor markets where you’ll be buying your street food.
Finally, as you settle in here and build up more assets like a bank account, car, or real property, can you leave your assets to your loved ones without a lot of complications?
The short answer is yes, although not quite as simply as through a living trust that you might have in place for your U.S. assets.
For the disposition of your property, you’ll need a will and someone to administer it, such as a trusted friend or counselor.
Wills do need to be enforced through the courts here, but there is a streamlined process to get that accomplished.
Your will needs to be in Thai, so use a reputable translation service or legal counsel to ensure nothing is lost in translation.
You also have other estate planning options that are likely familiar to you. This includes a power of attorney if you’re incapacitated or out of the country.
And if you’re spending significant time in Thailand, you ought to think about a medical directive — or what’s called a living will here.
You may have a medical directive in place in your home country, but for it to be enforced in Thailand and recognized here, you’ll need a living will in Thai.
I hope your takeaway is that Thailand offers a sophisticated infrastructure that provides familiar protections and safeguards.
There are differences in execution and procedures, but over time — and with the help of trusted friends or counselors — these will all become second nature as you become a seasoned expat in Thailand.
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